Azerbaijan, Latvia plan to sign cooperation memorandum in 2025

Yusif Abdullayev, Executive Director of the Azerbaijan Export and Investment Promotion Agency (AZPROMO), has announced plans for Azerbaijan and Latvia to sign a memorandum of cooperation in 2025

"Today, we discussed signing a memorandum of cooperation with the Latvian Chamber of Commerce and Industry in 2025. The goal is to identify companies from both sides to foster economic diversification. Several events are planned for 2025 in this direction. Attracting investments is a key priority for us," Caliber.Az quotes Abdullayev as saying.

He emphasized the significant potential for expanding cooperation between the two countries.

"Current export and import figures do not reflect the full potential between Azerbaijan and Latvia. This requires serious efforts. Hosting networking events is crucial," Abdullayev noted.

He also mentioned that just over 40 Latvian companies currently operate in Azerbaijan. According to him, this number can be increased to enhance mutual trade turnover.

Earlier, Abdullayev stated that Azerbaijan will carry out another export mission to Latvia in 2025 in order to diversify exports and gain access to new markets.

AZPROMO was established in 2003 by Azerbaijan's Ministry of Economy with the goal of attracting foreign investment into the non-oil industries and promoting exports of non-oil goods. Its main purpose is to strengthen the country's economy by encouraging international investment and boosting exports in the non-oil sector. To date, the agency has organized 33 export missions to various international markets under the "Made in Azerbaijan" program.

By Khagan Isayev